February 6, 2018 / 12:46 PM / 6 months ago

BRIEF-Tapestry Reports Q2 Non-GAAP EPS Of $1.07

Feb 6 (Reuters) - Tapestry Inc:

* Q2 EARNINGS PER SHARE $0.22; Q2 NON-GAAP EARNINGS PER SHARE $1.07

* Q2 SALES ROSE 35 PERCENT TO $1.79 BILLION

* Q2 EARNINGS PER SHARE VIEW $0.89, REVENUE VIEW $1.77 BILLION — THOMSON REUTERS I/B/E/S

* RAISES FISCAL 2018 EARNINGS GUIDANCE​

* SEES FY 2018 REVENUE $5.8 BILLION TO $5.9 BILLION, UP ABOUT 30 PERCENT

* PROJECTS 2018 EARNINGS PER DILUTED SHARE IN RANGE OF $2.52-$2.60

* FY2018 EARNINGS PER SHARE VIEW $2.41, REVENUE VIEW $5.82 BILLION — THOMSON REUTERS I/B/E/S

* AN INCREASE IN PROVISION FOR INCOME TAXES OF $194 MILLION IN QUARTER

* QTRLY ‍KATE SPADE GLOBAL COMPARABLE STORE SALES DECLINED 7%​

* QTRLY ‍NET SALES FOR KATE SPADE TOTALED $435 MILLION​

* TAPESTRY - 2018 EARNINGS PER DILUTED SHARE OUTLOOK INCLUDES MID-TO-HIGH SINGLE DIGIT ACCRETION FROM KATE SPADE ACQUISITION

* PRE-TAX CHARGES OF APPROXIMATELY $61 MILLION IN QUARTER, WHICH PRIMARILY RELATE TO PURCHASE AND INTEGRATION OF KATE SPADE

* NET SALES FOR COACH TOTALED $1.23 BILLION FOR SECOND FISCAL QUARTER AS COMPARED TO $1.20 BILLION IN PRIOR YEAR

* TAPESTRY - KATE SPADE BUSINESS AND RESULTING SYNERGIES ARE EXPECTED TO CONTRIBUTE ABOUT $130 TO $140 MILLION TO OPERATING INCOME IN 2018

* “WE HAVE NOW TAKEN OPERATIONAL CONTROL OF KATE SPADE JOINT VENTURES, FOR MAINLAND CHINA, HONG KONG, MACAU AND TAIWAN”

* ALSO ENTERED INTO A PURCHASE AGREEMENT TO ACQUIRE STUART WEITZMAN BUSINESS IN NORTHERN CHINA FROM DISTRIBUTOR

* SEES ONE-TIME ITEMS IN 2018 RELATED TO TRANSITION TAX ON FOREIGN EARNINGS DEEMED TO BE REPATRIATED OF $315 MILLION

* ‍EXPECTS TO RECORD IN 2018 ONE-TIME ITEM RELATED TO NET OF RE-MEASUREMENT BENEFIT OF NET DEFERRED TAX LIABILITIES OF ABOUT $102 MILLION

* ANNOUNCES BUYBACK OF COACH BUSINESS IN AUSTRALIA AND NEW ZEALAND FROM DISTRIBUTOR, WITH AN EXPECTED CLOSING IN THIRD FISCAL QUARTER Source text for Eikon: Further company coverage:

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